Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING
Chinese Companies Line Up to Take Advantage of Huawei’s U.S. Troubles
Trending in China: Social Media Applauds Jack Ma’s Detailed Critique of China’s Financial Sector
Fintech Giant Lufax’s U.S. IPO Could Raise $2.36 Billion
LATEST
Lawson Tests Next Step of Convenience Store Evolution in China
PUBG Creator Krafton Hires Bankers for Possible Record IPO
Mobile Browser Crackdown Ensnares Big Names
Chinese Biotech Startup Genecast Bags $149 Million in Series E Funding Round
Founder and CEO in ‘Divorce’ With Dating App Momo
Chinese Medical Rehabilitation Robot Maker Fourier Closes $15 Million Funding Round
Caixin Investigation Uncovers Shady Business In Myanmar
Tencent Bets Big on Chinese E-Sport Firm, Leading $100 Million Funding Round
Chinese Companies Line Up to Take Advantage of Huawei’s U.S. Troubles
Trending in China: Social Media Applauds Jack Ma’s Detailed Critique of China’s Financial Sector
Trending in China: Female Student Fights ‘Period-Shaming’ – Social Media Discusses the Pros and Cons
Chinese Auto Tech Startup Closes $194 Million Series A Funding Round Led by Baidu
iQiyi to Create Genre-Specific Content to Meet Different Audience Demands
Gaw Capital Inks JV With Manbang Group to Develop Smart Logistics Properties in China
Tesla Recalls Nearly 50,000 U.S.-Made Cars in China over Suspension Problems
Fintech Giant Lufax’s U.S. IPO Could Raise $2.36 Billion
WeChat Judge Won’t Pause Temporary Order Blocking Trump Ban
Mongolia Delivers First Batch of Donated Sheep to China
Signs of Stormy Weather Ahead for One of China’s Largest Semiconductor Makers
Trending in China: Finding Pleasure in the Pain of Everyday Life – China’s Youth Mock Their Own Reality
Oracle China to Terminate at Least 900 People, Reports Say

By Isabelle Li / May 08, 2019 02:46 AM / Business & Tech

Photo: VCG

Photo: VCG

Oracle's China Development Center (CDC) plans to dismiss more than 900 people, among them at least 500 from its Beijing development center, in a possible prelude to shutting down the operation, local media reported Tuesday.

According to reports by multiple Chinese news outlets, the multinational tech company announced the job cuts to Chinese employees in a telephone conference Tuesday morning. A first round of reductions will affect at least 900 of the operation’s 1,600 employees, while a second round is likely to come in July, media reports said.

The decision is part of a global retrenchment as the tech giant falls behind in cloud computing and tries to transform its business. The potential closure of CDC would be carried out in steps, according to people with knowledge of the matter.

The first group being dismissed will get severance pay for the number of months matching their number of years of employment plus six months, according to the media reports. But they must sign termination agreements by May 22, which would make their stock options invalid as most of them won't vest until June.

Related: In-Depth: A Winter Storm Looms for China’s Tech Sector


Share this article
Open WeChat and scan the QR code